RussiaRussia set to establish pharmaceutical JVs with Slovenia - Medvedev

Russia is ready to create joint ventures with Slovenia in the pharmaceutical industry, Russian President Dmitry Medvedev said on Wednesday.

"We are interested in developing our pharmaceutical industry, and we are ready to do it in cooperation with our Slovenian partners by creating joint ventures and doing research in this sphere," Medvedev said after talks with his Slovenian counterpart, Danilo Turk.

Medvedev said he had recently visited research centers specializing in the creation of new drugs. Slovenia is active in making new drugs in Russia, the Russian president said.

"The concentration of efforts can make a good outcome," Medvedev said.

Earlier on Wednesday, Slovenia's KRKA Eastern Europe Director Miran Bevets said the company would invest 135 million euros to expand its drugs production in the next five years in Russia.

"We are launching an investment project envisaging a 135 million euro investment in KRKA's enterprises in Russia soon," Bevets said. "KRKA's investment in its Russian companies has already totaled 40 million euros since 2003."

He said the new project had a five-year term.

"At the first stage, within three years, investment will amount to 86 million euros, the remaining money will come in the next two years," Bevets told RIA Novosti, adding the funds would be used to develop production and storage capacities.

"The total production volume will triple. Now we are producing 720 million tablets and capsules per year in Russia."